TMI Blog2019 (11) TMI 1426X X X X Extracts X X X X X X X X Extracts X X X X ..... ober 15, 2019, October 18, 2019 and November 6, 2019 and they have not responded to the notice sent by the financial creditor and by this Tribunal. It appears that there is no defence on the part of the corporate debtor either to deny or dispute the total outstanding due. Application is admitted - moratorium declared. - I. B. A. No. 895 of 2019. - - - Dated:- 21-11-2019 - B. S. V. Prakash Kumar (Judicial Member) And S. Vijayaraghavan (Technical Member) For the Financial Creditor : S. Sathiyarayanan For the Corporate Debtor : None present on the date of hearing ORDER S. VIJAYARAGHAVAN (TECHNICAL MEMBER). - 1. It is an insolvency and bankruptcy application filed under section 7 of the Insolvency and Bankruptc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sset (NPA) on May 29, 2002. 2.1. Under the transfer deed dated September 30, 2004 executed by IDBI in favour of SASF, IDBI unconditionally and irrevocably transferred and assigned to SASF the loan sanctioned by IDBI, including the loan granted to the corporate debtor herein with the intent that SASF shall be full and absolute legal owner to receive the amounts payable to IDBI by the corporate debtor. Accordingly, SASF is now a secured creditor fully entitled to recover the debt in terms of the said transfer. 2.2. The borrower company approached SASF (the financial creditor) with one-time settlement (OTS) proposal in letter dated March 18, 2009. The corporate debtor paid an amount of ₹ 25,00,000 towards OTS and defaulted in maki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder dated April 22, 2015 in D. R. C. No. 78 of 2009 was also issued on April 30, 2015 by the hon'ble Debts Recovery Tribunal-II, Chennai. Further, on February 29, 2016, borrowers (Uthara Fashions Knitwear Ltd.) filed a review application R. A. No. 3 of 2015 before the hon'ble Debts Recovery Tribunal-II, Chennai claiming that only debt was transferred and the secured asset were not transferred . The Debts Recovery Tribunal-II, Chennai has passed an order by inserting the word not in between the word was and transferred . On April 18, 2018, the appellant-bank substituted by SASF (the financial creditor herein) filed M. A. No. 161 of 2017 challenging the order passed by the Debts Recovery Tribunal-II, Chennai in R. A. No. 3 of 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nai and renumbered as O. A. No. 413 of 2007 7. 24-2-2009 The corporate debtor offered ₹ 250 lakhs as OTS to the financial creditor 8. 18-3-2009 The financial creditor accepted OTS proposal 9. 19-6-2009 DRT-II Chennai allowed and permitted the financial creditor for recovery of ₹ 5.37 crores 10. 9-3-2011 Recall notice under section 13(2) of the SARFAESI Act issued to the corporate debtor 11. 22-1-2015 The financial creditor cancelled negotiated settlement since the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... moratorium is hereby declared prohibiting all of the following actions, namely, (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority ; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein ; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) ; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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